What's your salary?

[Yoshie]

40% is a joke, I'm right on the edge.

So when I work OT and get paid time and a half, I end up getting less than I would normally

[Mizchif]

I don't think you ever get paid less, say if you go from 31k to 35k, I think the 40% tax only applies to earnings over a certain threshold, but it wouldn't put you out of pocket you'd just pay higher tax on the money over the threshold.

 

Or something

[Yoshie]

I don't think you ever get paid less, say if you go from 31k to 35k, I think the 40% tax only applies to earnings over a certain threshold, but it wouldn't put you out of pocket you'd just pay higher tax on the money over the threshold.

 

Or something

 

Yeah, meant that the time and a half, then taxed 40% works out less than just a normal days rate.

[Badman]

40% is a pisstake no matter how you try and look at it

[Niall Ferguson]

You only get taxed 40% if:

 

INCOME - £10,000 = £32,000 or more. 

 

So basically you need to be earning 42k or more to pay 40%.

 

The £10,000 figure is the personal tax free allowance that most people have. It's what your tax code indicates. For instance, your tax code might say: "1000L"

 

This means you earn 10k before you start paying tax.

[Yoshie]

You only get taxed 40% if:

 

INCOME - £10,000 = £32,000 or more. 

 

So basically you need to be earning 42k or more to pay 40%.

 

The £10,000 figure is the personal tax free allowance that most people have. It's what your tax code indicates. For instance, your tax code might say: "1000L"

 

This means you earn 10k before you start paying tax.

 

Yeah that's right, I'm chatting shit then.

Expected a higher paycheck last month and presumed I'd been taxed more.

[dub]

To make it more clear, if you earn £50k a year:

 

£10k untaxed

£10-32k at 20% = £4.4k in tax

£32-50 at 40% = £7.2k in tax

 

£50k - £11.6k in tax = you left with £38.4k left over

 

But you can imagine how earning £100k you're seeing a larger portion of your income going to taxes.

 

I don't really agree with the 50% (or even 45%) tax rate, but it came in just after the 2008 financial crisis (announced in the 2009 budget, into place in 2010) so you can see where the logic comes from.

 

I'd never vote Conservative though, there's nothing that they've done or said that's convinced me they know how to run a country well.

[Niall Ferguson]

You didn't need to make it clear bro, it was already clear.

[underwriter]

i didnt know they deducted tax individually like that then added it up then took it away from your gross salary - fucking government

[dub]

Not really, your post is wrong. 

 

You only get taxed 40% if:

 

INCOME - £10,000 = £32,000 or more. 

 

So basically you need to be earning 42k or more to pay 40%.

 

This is wrong. 

[Niall Ferguson]

How so?

[Simply D]

Long story short...The government are cunts, and those of u on benefits need to fix up.

Why am I waking up before dawn n freezing my ass off on road, while you rolling over thinking of England.

There is a silly expectation that someone with zero experience has the RIGHT to walk into a 30k+ job in the UK, no one wants to work for shit

[Niall Ferguson]

Long story short....those of u on benefits need to fix up.

Why am I waking up before dawn n freezing my ass off on road, while you rolling over thinking of England.

There is a silly expectation that someone with zero experience has the RIGHT to walk into a 30k+ job in the UK, no one wants to work for sh*t

Hear, hear.

[Fresh]

To make it more clear, if you earn £50k a year:

 

£10k untaxed

£10-32k at 20% = £4.4k in tax

£32-50 at 40% = £7.2k in tax

 

£50k - £11.6k in tax = you left with £38.4k left over

 

But you can imagine how earning £100k you're seeing a larger portion of your income going to taxes.

 

If you're above 50k it would be more economic to become a contractor, either directly or through an umbrella company. It comes with extra administration bu tit's worth it. 

 

Gotta be lazy or stupid to pay 40% up to 100k

[Yuri]

 

To make it more clear, if you earn £50k a year:

 

£10k untaxed

£10-32k at 20% = £4.4k in tax

£32-50 at 40% = £7.2k in tax

 

£50k - £11.6k in tax = you left with £38.4k left over

 

But you can imagine how earning £100k you're seeing a larger portion of your income going to taxes.

 

If you're above 50k it would be more economic to become a contractor, either directly or through an umbrella company. It comes with extra administration bu tit's worth it. 

 

Gotta be lazy or stupid to pay 40% up to 100k

 

I am employed as a contractor but I don't see how that would work for the majority of jobs?

[Fresh]

 

 

To make it more clear, if you earn £50k a year:

 

£10k untaxed

£10-32k at 20% = £4.4k in tax

£32-50 at 40% = £7.2k in tax

 

£50k - £11.6k in tax = you left with £38.4k left over

 

But you can imagine how earning £100k you're seeing a larger portion of your income going to taxes.

 

If you're above 50k it would be more economic to become a contractor, either directly or through an umbrella company. It comes with extra administration bu tit's worth it. 

 

Gotta be lazy or stupid to pay 40% up to 100k

 

I am employed as a contractor but I don't see how that would work for the majority of jobs?

 

It depends on the capability/willingness of a companies payroll/hr to accommodate it. It's common practice in a lot of companies.

[Niall Ferguson]

Lazy or stupid to pay 40%, even if you work for an international bank/consultancy?

 

LOLWTF?

[james00]

Long story short...The government are cunts, and those of u on benefits need to fix up.

Why am I waking up before dawn n freezing my ass off on road, while you rolling over thinking of England.

There is a silly expectation that someone with zero experience has the RIGHT to walk into a 30k+ job in the UK, no one wants to work for sh*t

being on benefits is just another job the government pays you for

[Simply D]

Dont wind me up mate...I was vex all day after reading them tax boundaries this morning

[james00]

Dont wind me up mate...I was vex all day after reading them tax boundaries this morning

lol the question is then why are you trying to make an honest living when society pushes this hustler, selfish all for profit mentality?

 

when there are scroungers, bankers, corrupt politicians, bishops and dodgy dave from the market then why try and play fair?

[Simply D]

Cos im not a c*nt

tbh

[Mr. Martinez]

Big up the trust fund contracting gang

Wotistax?

[dub]

How so?

 

Your working out, you make it seem like £10k gets ignored then they start counting. Anything you earn above £32k gets taxed at 40%, not above £42k.

[Niall Ferguson]

 

How so?

 

Your working out, you make it seem like £10k gets ignored then they start counting. Anything you earn above £32k gets taxed at 40%, not above £42k.

 

 

10k is ignored you dumb f*ck, it's called a personal allowance. 

 

You start paying tax on anything you earn AFTER 10k. If your earnings after 10k are 31/2k ore more (41 or 42k in total), you pay 40%. If your earnings after 10k are between 10k (total = 20k) and 31/2k (total = 41/2k) then you pay 20%. 

[dub]

Hmm, I could have sworn I read on a government website earlier that its otherwise, but nah seems you're right.

 

Calm it with the language though, I know you're feeling sore from Afroman but that's no excuse.